Note
Euribor and Spanish mortgages
Quick answer
Euribor is the euro interbank rate used as the reference index in many variable-rate Spanish mortgages. The interest you pay is the index plus a margin set in the contract. We print no current value because it changes, so check the contract and the latest publication.
Applies toBorrowers with or considering a variable-rate mortgage.
On this page: 10 sections
§ 1What it is
Euribor stands for euro interbank offered rate. It is a benchmark for the rate at which banks in the euro area lend to each other, published for several maturities, from one week to twelve months. It does not come from a single bank and is not set by your lender. This page belongs to the chapter in rates and repayment explained.
§ 2How a mortgage uses it
A variable-rate mortgage states its interest as an index plus a margin. The index is often a Euribor of a given maturity. The contract says which index, the margin, how often the rate is revised and which value of the index is used at the revision. If the index changes between revisions, nothing happens until the next revision date.
§ 3Why the contract matters
Two mortgages that both say Euribor may differ: the maturity, the date of the value used, the revision interval and the margin all vary. A twelve-month index revised each year behaves differently from a shorter one revised more often. Read the clause and the warnings sheet.
§ 4No value here
We do not print a Euribor value. It changes constantly, and a number printed on a page goes out of date. For the latest value, use the publication of the benchmark’s administrator or the Bank of Spain’s statistics, and write down the date. For a loan you already have, the figure that counts is the one the contract says the bank must use.
§ 5Reading the history
Past values show how much the index can move. Over a period of years it has been low, negative and high. We do not quote them. Look at a long series before you decide how much risk a variable rate adds to your budget, and test the instalment against a higher index.
§ 6The margin and the floor
The margin is the lender’s spread over the index. It is fixed in the contract, sometimes tied to products. A minimum limit on the rate, if there is one, must be flagged in the warnings sheet. More on fixed or variable discusses the choice of type, and repaying early explained explains what repaying costs.
§ 7When the index ceases
Benchmarks can be replaced. A contract should say what happens if the index ceases to exist. Ask your lawyer to point to the clause.
§ 8Official information
The Bank of Spain publishes chapters and statistics for borrowers. Use them, with the date, to check anything you read about the index.
§ 9Questions for the lender
Ask which Euribor maturity the contract uses, which publication date, how often the rate is revised, what the margin is and whether a minimum rate applies. Ask for the answers in writing.
§ 10More on this topic
Euros or pounds explained explains the currency choice and mixed rate explained explains mixed-rate loans.
FAQRelated questions
What is Euribor?
An interbank benchmark in euros that comes in several maturities. Home loans frequently pick the twelve-month one, and your contract should say which maturity and which publication date it relies on.
Where do I find today’s value?
Look for the official publication of the benchmark administrator or the Bank of Spain’s statistics. We print no value because it changes daily and monthly. Always note the date of the figure you use.
How does it change my instalment?
Your rate is the index plus the margin, revised at the dates in the contract. When the index changes, the rate changes at the next revision. The schedule in the contract says how the instalment is recalculated.
Sources
- Boletín Oficial del Estado: Ley 5/2019, de 15 de marzo, reguladora de los contratos de crédito inmobiliario (official source, opens in a new window), Articles 8, 10, 14 and 15 read; later articles not readLast checked 18 October 2026
- Banco de España: La ley reguladora de los contratos de crédito inmobiliario (Boletín Económico, 1T 2019, recuadro 5) (official source, opens in a new window), Allocation of costs, early maturity, information dutiesLast checked 18 October 2026
Financial note. No rate is printed unless it comes from a dated, official publication. Capital is at risk, exchange rates move, and no lender, broker or provider is recommended here. Mortgage terms are set by each lender; ask a registered intermediary about yours.